Market Definition
Blockchain technology is a distributed database that allows for secure, transparent and tamper-proof sharing of data. In healthcare, blockchain can be used to create a secure and interoperable system for storing and sharing medical data. By creating a decentralized network of health data, blockchain can help to reduce errors, improve data quality and increase trust between patients and providers. Additionally, blockchain can help to enable new applications such as clinical trial management, drug supply chain tracking and patient-centered data sharing.
Market Outlook
The global Blockchain Technology in Healthcare Market was valued at USD 1.5 Billion in 2021 and it is anticipated to grow up to USD 16.2 Billion by 2031, at a CAGR of 27.3% during the forecast period.
Growing need to store & secure medical data coupled with the rising incidence of medical data breaches to spur the blockchain technology in healthcare market expansion
There has been a surge in the requirement to store and secure medical data that can have significant advantages for healthcare facilities, medical staff, and patients. Blockchain technology is cross-checked, encrypted, and decentralized that enables medical data to remain strongly backed, thereby providing stimulus to the market progression. The government of several countries is emphasizing on the digitalization of the healthcare system and related industry sectors that potentially improve health outcomes, enhance patient engagement, enable better predictions, etc. Owing to increased attack volume for various healthcare service providers, the U.S. and UK government has made a significant investment to ensure that all health records are digitized. Further, medical data has been subjected to risks of privacy breaches attributed to unauthorised access to electronic health records (EHR) or loss of physical patient files.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Global Blockchain Technology in Healthcare Market Segmental Overview
The report analyses the global Blockchain Technology in Healthcare Market based on type, application, end-user, and region.
Global Blockchain Technology in Healthcare Market by Type
Based on type, the market is segregated as private, and public. Amongst them, public segment is poised to register a significant CAGR from 2023 to 2031 led by the rising preference for a public blockchain system that provides several advantages comprising greater transparency, offer decentralized structure, and records everything among others. This blockchain system is widely used to manage healthcare data efficiently. Digital ledger technology (DLT) and Ethereum, a public network, are one of the broadly used blockchain systems in healthcare. The digital ledger technology is highly secure, eliminates the need for a third-party caretaker, and delivers a high amount of transparency. Public blockchain technology is specifically designed to operate with maximum medical data security, thereby augmenting the industry value. Further, the cost-effectiveness of implementing public blockchain technology in healthcare is the key factor that leads to industry expansion. Featuring a high standard of security protocols, reliable portal services, and anonymous nature are expected to positively influence the market demand.
Global Blockchain Technology in Healthcare Market by Application
On the basis of application, the Blockchain Technology in Healthcare Market is categorized into Clinical Trials, Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing Management, and Others. The clinical trials segment held significant share of the blockchain technology in healthcare market in 2021 impelled by the wide range applications of blockchain technology for improving clinical trials quality. Implementation of this technology enhances recruitment, allows full decentralization, supports governance with real-time decision making, and optimizes the performance of repetitive tasks that enable trials to take place effectively. Blockchain technology aids in reaching a considerable level of historicity and inviolability of data for the whole document flow in a clinical trial. This further allows the secure automation of clinical trials through smart contracts, ensures traceability, and prevents a posteriori reconstruction.
Global Blockchain Technology in Healthcare Market by End-user
With regards to end-user, the Blockchain Technology in Healthcare Market is divided into Pharmaceutical Companies, Healthcare Payers, Healthcare Providers, and Others. The healthcare providers segment captured significant revenue in 2021 driven by the broad range of uses and applications of blockchain technology in healthcare. The digital ledger technology supports healthcare providers through managing the medicine supply chain efficiently and facilitating the secure transfer of patient medical records. This technology has increased the productivity of healthcare providers by offering a novel model for health information exchanges by making electronic medical records more resourceful. The blockchain system is providing opportunities to healthcare providers by reducing or eliminating the friction and costs of current intermediaries. Additionally, it reduces complexity and creates secure & immutable information.
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Major Players in the Global Blockchain Technology in Healthcare Market
The key players in the Blockchain Technology in Healthcare Market Akiri, Inc., Avaneer Health, Inc., BurstIQ, Crystalchain, Change Healthcare, Inc., Chronicled, Equideum Health, Embleema, Farma Trust, and Guardtime, among others.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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